By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, June 14 (CNS Canada) – ICE Futures Canada canola contracts finished lower on Wednesday, due to weather issues and strength in the Canadian currency.
Showers are expected across the Prairies this week, which should help the crop develop.
Technical signals are pointing lower.
“We’ve also seen some selling on the spec side,” said a trader in Winnipeg.
However, demand for global oilseeds remains bullish, which limited today’s losses.
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The Malaysian palm oil market recorded gains, which was supportive.
Planting efforts in some parts of Alberta and Saskatchewan are still behind schedule.
About 13,552 canola contracts traded on Wednesday, which compares with Tuesday when 34,425 contracts changed hands. Spreading accounted for 8,248 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade were mixed, though mostly unchanged, on Wednesday.
Front contracts declined, feeling pressure from reports of beneficial rains in parts of the northern Plains.
Market watchers say Brazilian farmers are stepping up their sales, due to fluctuations in the country’s currency, which is also bearish.
On the upside, weaker crop conditions in parts of the US kept deferred contracts supported.
SOYOIL prices closed mostly unchanged on Wednesday.
SOYMEAL closed higher on Wednesday.
CORN futures closed about three to four cents per bushel lower, pressured by the expectation for improving crop conditions.
Sharp declines in the crude oil futures market were also bearish for the commodity. Crude oil prices can have an effect on how much corn is processed into ethanol.
Reports of increased farmer selling added to the downside.
WHEAT closed about one to two cents weaker on Wednesday, in corrective trade after sharp advances in the previous session.
However, losses were limited by ideas that crop conditions are weak, and high-protein wheat is needed.
